GRAND RAPIDS, Mich.–Saying it is seeking to improve online data and document security for millions of credit union member-owners throughout the nation, CU*Answers is investing in Virtual StrongBox, Inc. on behalf of all its clients that use the CU*BASE processing system.
The five-year strategic initiative will enable each CU*Answers network credit union to offer My Virtual StrongBox inside ItsMe247 with a set amount of storage to their own members. My Virtual StrongBox, based in Herndon, Va., works like an online safe-deposit box, combining easy access, functionality and best-of-breed security.
“Consumers trust their financial institutions with their personally identifiable information more than any other companies – retailers, credit card companies, Internet providers – but My Virtual StrongBox is taking data security to an unprecedented level,” said Ron Daly, president/CEO of Virtual StrongBox. “We look forward to delivering on the combined vision of the CU*Answers’ network and Virtual StrongBox technology to find new ways to modernize banking technology and image workflow.”
CU*Answers said secure online storage controlled by the member creates a new opportunity for the technology provider to help its 200+ clients automate processes, reduce manual intervention, enhance member services, and achieve significant cost reductions.
“Virtual Secure Mailboxes are a pending new core competency for credit union operations. They can modernize technology, workflow, and automate document transfer and exchanges that will one day be the mandate of the consumer experience, not just an option for the fringe,” said Randy Karnes, president/CEO of CU*Answers. “The embedded capability to meet this expectation in software solutions will only increase in a mobile technology world driven by younger members.”
As a first step, the two companies said they are creating a direct interface between CU*Answers’ Imaging Solutions products and Virtual StrongBox to automate the exchange of documents and information between the core system, credit union and its members, delivered securely to and from each other via their individual My Virtual Strongbox space.
“It’s energizing to think about what we’ll accomplish working together: offering client credit unions a tangible, much-needed benefit for their consumer-owners that was conceived and built from within our own industry. I think it may transform how sensitive information is stored,” said Karnes.